Gasoline prices surged in Houston over the past week as oil markets rallied, driving crude prices above $50 a barrel for the first time in 11 months.
The average cost of a gallon of gasoline in the Houston area jumped 6 cents to $1.93, according to the fuel price-tracking website GasBuddy. Gasoline prices here have climbed 18 cents a gallon over the past month, but they remain 29 cents a gallon lower than a year ago.
Nationally, prices climbed 5 cents a gallon to an average $2.31, up 15 cents over the month. The national average is still 27 cents a gallon lower than a year ago.
RELATED: Rig count rises as oil crosses $50 milestone
Oil gained 8 percent last week, settling above $52 a barrel Friday, as the OPEC+ group reached agreement on production curbs and markets looked ahead to the distribution of coronavirus vaccines and a rebound in driving, flying and petroleum consumption. Oil was down in early trading Monday, falling below $52 a barrel.
"With oil's meteoric rally continuing, motorists continue to face gas prices that continue to advance," said Patrick DeHaan, head of petroleum analysis at GasBuddy. "There's nowhere for prices to go but up."
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January 11, 2021 at 07:48PM
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Gasoline prices surge as oil markets rally - Houston Chronicle
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